Sears, struggling with poor sales and dwindling revenue is once again borrowing money from its CEO in a bid to stay afloat.

In a filing with the Securities and Exchange Commission, the company said it has borrowed $210 million, much of it from lenders controlled by ESL Investments, which is owned by Sears Holdings CEO, Edward Lampert.

Sears has previously borrowed hundreds of millions of dollars from Lampert, a hedge fund manager whose financial dealings with the retail company have been criticized by some who believe he has conflicting interests with other Sears investors, as he carves out assets that could ease his personal losses if the company ultimately goes bankrupt.

Sears, once the nation's biggest retailer has struggled like many of its traditional peers to stay relevant at a time when shoppers are increasingly doing their shopping online, or seeking out big box giants like Walmart to buy what they need.

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It may need to sell more stores.
Time

Just Wednesday, Sears, which also owns Kmart, announced that it was laying off roughly 220 employees at its corporate offices as part of a strategy to cut costs and streamline the organization.

In an earlier SEC filing last March, the company said it had "substantial doubt'' about its ability to stay in business unless it could wring more cash by borrowing and tapping into assets.

Sears, which already shuttered more than 400 stores last year, has said that more than 100 more Sears and Kmart stores locations will be going out of business this spring. And following an announcement in January that the company was trying to renegotiate potentially more than $1 billion in corporate debt, S&P Global downgraded the company's credit rating twice in seven days.